Warren G. Lichtenstein’s Steel Partners Is Bullish on API Technologies Corp (ATNY) and Reports 17.4% Stake

Warren G. Lichtenstein‘s Steel Partners, has revealed ownership of 9.63 million shares of API Technologies Corp (NASDAQ:ATNY). According to the filing, the fund’s activist stake currently amasses 17.4% of the company’s common stock. In its latest 13F, Steel Partners disclosed holding around 1.43 million shares of the company.

API Technologies

Moreover, according to the filing, the securities have been purchased because Steel Partners considers API Technologies Corp (NASDAQ:ATNY)’s stock as undervalued and therefore represented an attractive investment opportunity.

API Technologies Corp (NASDAQ:ATNY) is a small cap designer and manufacturer of systems, radio frequency and secure communications products. During the last year, the company managed to significantly narrow its net loss to $7.8 million as reported for the end of the year, from $148.7 million disclosed for 2012. As stated in a press release, the decrease was caused by goodwill impairment charge and net income from discontinued operations.

The stock of API Technologies Corp (NASDAQ:ATNY) has lost over 10% since the beginning of the year, although since March 2013, it gained around 20%. The stock sports a beta of around 1.5, and has a forward P/E of around 16.

Following the latest increase, Steel Partners became the insistutional investor with the largest long position in the company. Another one is Wynnefield Capital, run by Nelson Obus, which owns nearly 3.00 million shares. A shareholder with a significant position in API Technologies Corp (NASDAQ:ATNY) was Doug Silverman and Alexander Klabin‘s Senator Investment Group, which in its latest 13F disclosed ownership of 5.93 million shares. However, last week, Senator reported dumping its position in the company.

Warren Lichtenstein and Steel Partners are heavily invested in Industrial Goods stock, as shows the fund’s latest 13F filing. Almost 40% of Steel Partner’s $440 million equity portfolio is held in Handy and Harman Ltd (NASDAQ:HNH), in which the fund owns 7.23 million shares, with a reported value of $175.01 million. Gencorp Inc (NYSE:GY) is also one of the top picks, Steel Partners holding a $75.34 million stake with 4.18 million shares.

Disclosure: none

Recommended Reading:

Altai Capital Trims Stake in Emulex Corporation (ELX)

Billionaire George Soros Believes Penn Virginia Corporation (PVA) is Undervalued; Buys More of the Stock

Kenneth Squire’s 13D Management Is Betting on These Stocks

Biotech Insider Alert - $6 Stock To Hit $40

$200 Million Dollar Healthcare Hedge Fund's #1 Best Idea Right Now

The best healthcare hedge fund out there right now is one of the largest shareholders in this biotech stock. The fund returned more than 20% in each of the last 2 years with a virtually fully hedged portfolio, and it's sending out a BUY signal on this biotech stock. Get your FREE REPORT today (retail value of $300)

This is a FREE report from Insider Monkey. Credit Card is NOT required.
Comments
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months. Our beta is only 1.2 (don't click this link if beating the market isn't important to you).

Lists

The World’s Most Famous Circuses

Best Hair Stylists

Most Popular NASCAR Drivers

The Best Romance Movies of all Time

The Most Wanted Drug Lords

The Oldest Money Managers

The Greatest Directors in the World

Largest Animals in the World

World’s Most Expensive Desserts

Best Selling Comic Books of All Time

A-list Actors who Sabotaged Their Career

Rappers With a College Degree

The Best Jazz Albums of all Time

The Most Influential Jazz Musicians

The World’s Most Famous Photographers

The Best Oscar-Winning Songs

Most Influential Choreographers Ever

Most Expensive Department Stores in the World

The Most Expensive Stolen Paintings in the World

The World’s Most Expensive Teas

Top Oscar Record Holders

The Most Expensive Flowers in the World

Countries With a Booming Film Industry

Most Expensive Cupcakes in the World

Uncommon European Escapes

The Most Stolen Artists in History

Best Travel Destinations in Australia

World’s Most Expensive Musical Instruments

World’s Most Famous Animals

Most Expensive Cakes in the World

Most Expensive Kosher Champagne in the World

Most Expensive Kosher Wine in the World

The Most Surprisingly Dark Fairy Tales

Most Popular Travel Destinations in Asia

The 10 Most Expensive Dresses Ever Worn to the Oscars

World’s Most Visited Art Museums

Best Countries for Photographers to Work in

Best Paid Jobs in the Film Industry

The Most Renowned Recovered Paintings Ever

Child Stars That Turned out Just Fine

Books That Were Banned in the Past Century

World’s Richest Dancers

Best Remedies against Bad Breath

Foods That Improve Your Skin Texture

Best-Selling Children’s Books of all Time

Foods That Boost Your Libido

Best-Selling Books of all Time

The Most Expensive Academy Awards Jewelry in History

Most Expensive Japanese Restaurant In New York City

The Best B-Boy Movies

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 129% in 2.5 years!! Wondering How?

Download a complete edition of our newsletter for free!